🌹 Bitcoin’s tumultuous week continues as data points to further downside in BTC price.dropped below $64,000 for the first time in over a month on June 21. Data from Cointelegraph Markets Pro and TradingView shows that BTC dropped from an opening at $64,840 to an intra-day low of $63,451.
🌹The last time Bitcoin’s price traded below $64,000 was on May 15, when it rose from a low of $61,299 to set a swing high at $71,980 on May 21, fueled by excitement about a spot Ether (ETH) exchange-traded fund (ETF) approval.
🌹At the time of publication, the largest cryptocurrency by market capitalization was trading at $63,552, down 3.54% over the last 24 hours.
🌹BTC/USD daily chart. Source: TradingView
The broader crypto market capitalization is also down 3.24% over the same period to rest at $2.33 trillion, while EtherLet’s look at some of the reasons why Bitcoin leads the market in a correction.
🌹Bleeding spot Bitcoin ETFs weigh on BTC price Investors’ risk-off sentiment is evident across the spot Bitcoin ETFs, where investors have been withdrawing their capital for days.
🌹According to data from the crypto research platform SoSoValue, the 10 listed ETFs lost approximately $140 million on June 20.
🌹Grayscale’s GBTC, which has mostly seen outflows since its conversion to an ETF on Jan. 10, led with $53.1 million outflows, followed by Fidelity’s FBTC at $51.1 million. VanEck’s ETF reported $4 million in net outflows, while the funds from Invesco and Galaxy Digital saw $2 million in net outflows.
🌹BlackRock’s IBIT, the biggest ETF by assets held, was the only product with net inflows totaling $1.5 million. Other funds from ARK Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
🌺The total trading volume for the spot Bitcoin ETFs on June 20 amounted to $1.16 billion, down from $1.7 billion on June 18. The market was closed on June 19 for a public holiday.
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